The Exploration and Analysis of Malaysia Web 3.0 Financial System’s Design Factors with Quantitative Survey and Clustering Method

Abstract

While the adoption of Internet technology has revolutionized the Malaysian financial industry, the current Malaysia Web 2.0 financial systems lack transparency, security, and accessibility.The shortcomings could be resolved by introducing Web 3.0 to Malaysia's financial industry.This research aimed to explore the factors that influenced the adoption of Web 3.0 financial systems among Malaysian adults.Firstly, a Web 3.0 prototype system was developed with Web 3.0 design features.The web system's interfaces were included in the questionnaire form, where 150 Malaysian adults were prompted to respond with their agreement on whether the factors of decentralization, security, transparency, accessibility, effectiveness, learnability, and ease of use are important and have positive significant relationships with intention to use Web 3.0 financial systems.The findings from hypothesis analysis found that only the factors of transparency, security, and accessibility had positive relationships with the intention to use Web 3.0 financial systems among Malaysian adults.The findings were later proposed as Malaysia Web 3.0 financial systems' design framework, and further analyzed with the K-Means clustering method, for the benefit of Web 3.0 industry players to better understand adult users' preferences.These research findings will support and grow the usage of Malaysia's Web 3.0 finance systems.